Apple is one step closer to launching a low-cost iPhone, according to a recent report.

Earlier this week, the China Times reported (translate) that several suppliers working on Apple's behalf have shipped out parts for an upcoming low-cost iPhone.

Taiwan Semiconductor Manufacturing Co. has shipped 28-nanometer processors for the device, according to the report, while Largan Precision has delivered its 8-megapixel camera. Several other companies, including Texas Instruments and Chipbond, are also reportedly providing parts for the handset.

Rumors have been swirling for months that Apple is planning to launch a cheaper iPhone that would compete with devices on the lower end of the smartphone market. The device is reportedly going to ship with several color options, and some industry analysts have said that Apple might attempt to sell the device contract-free.

As is its policy, Apple has provided absolutely no indication that a low-cost iPhone will be launching. Still, if the reports of suppliers gearing up their shipments are true, it's possible that the handset, which would complement the expected launch of the higher-end iPhone 5S, could launch later this summer.

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Don Reisinger is a technology columnist who has covered everything from HDTVs to computers to Flowbee Haircut Systems. Besides his work with CNET, Don's work has been featured in a variety of other publications including PC World and a host of Ziff-Davis publications.
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